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Emily Turnbull, president of Aerobic Equipment Corporation is concerned about her employees' wel being. The company offers its employees free medical, dental and life insurance
Emily Turnbull, president of Aerobic Equipment Corporation is concerned about her employees' wel being. The company offers its employees free medical, dental and life insurance coverage It also matches employee contributions to a voluntary retirement plan to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums pald by sployer Dental Insurance preluns paid by player Life Insurance premium paid by player Federal and state income tax withheld FICA tax rate Federal and state uneployment tax rate $1,see, 75.000 38,800 18,500 5,250 322,500 7.65 6.2017 Required: 1.2. & 3. Record the necessary journal entries (If no entry is required for a transaction/event, select "No Journal Entry Required" ir the first account field.) No Date General Journal Credit Debit 1.500.000 1 January 24 114.750 Salaries Expense FICA Fax Payable Income Tax Payable Accounts Payable (Life Insurance) FICA Tax Payable Accounts Payable (Retirement Plan) Salaries Payable X 93,000 2,175.000 75,000 Journal entry worksheet
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